Sellers managed to lower Bitcoin price by 5% on 24 February.
After fixing below $9350, the next target is $8800.
Fixing the price above $9800 will mean the end of the current falling trend.
Yesterday’s trading day on Bitcoin market ended with the price lowering by 3%. The total daily candle length was 5%, but buyers managed to raise Bitcoin price above $9600 by the end of the daily candle closure. Yesterday, sellers completely covered the growth of 24 February. In such a way they showed that in this price range buyers’ strength is clearly not enough. However, the range $9050-9350 remains a real challenge for sellers. There they need to see significantly increased volumes and understand the balance of power at the moment.
On the 4-hour timeframe, we see that the current falling impulse is not as sharp as the impulse on 19 February:
Therefore, the probability of the price rebound on Bitcoin market from the range $9050-9350 remains high.
Also in the range $9050-9350 passes the bottom trend line of the growth channel. If sellers manage to break this line on a daily timeframe, the next local stop will be at $8800 with the possibility of the fall continuation to $8200.
Raising Bitcoin price above $9800 will mean the end of the correction and the beginning of a new wave of growth.
So, over the next few days, we expect to see intentions of sellers in the form of candles and matched volumes. At the moment, breaking through $9050-9350 with the current attack without correction is doubtful.
The systematic decrease of buyers’ marginal positions continues:
Both in the price chart and the chart of marginal positions, we see approaching critical point, which should show the true mood of buyers.
So far, sellers are not particularly impressed of Bitcoin price fall:
As we can see, the marginal positions of sellers do not increase at all. And enthusiasm in the mood of sellers is not noticeable.
According to the wave analysis, for now, sellers are trying to fix below Fibonacci level 0.236 and continue to fall to 0.382:
With the test of $8732, a strong rebound is likely, which will serve as a test of sellers’ strength in the range $9050-9350. Given the above facts, the main scenario of the fall continuation remains valid. Nevertheless, given the nature of the fall in Bitcoin market, its probability is slightly reduced. Let’s see how sellers will close the daily candle today and whether buyers will have something to answer tomorrow.
Image Courtesy: TradingView
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